Today's News

WASHINGTON

THE FED ISSUED an interim rule letting banks send savings account statements electronically to customers who request the service. The central bank also asked for comments on a revised version of proposed on-line disclosure requirements for consumer loans. Page 2

NATIONAL/GLOBAL

BANKRUPTCY seems inevitable for Contifinancial, the big home equity lender. Losses are mounting, and more than $400 million of unsecured bank loans come due Friday. Page 3

NATIONAL CITY Corp. of Cleveland put the final touches on its new commercial banking structure by putting two executives in charge of the middle market. Page 4

INVESTMENT PRODUCTS

ANOTHER 16 MILLION investors could begin trading on-line in two to three years, according to an on-line survey. If that happened, the value of assets held in on-line accounts could rise by more than $1.1 trillion. Page 7

CARDS

PROVIDIAN says that its seven-month-old electronic commerce division has been flourishing beyond expectations. Chief executive officer Shailesh Mehta predicts that a third of his customers will be doing business with it over the Web by the end of 2002. Page 9

COMMUNITY/REGIONAL Page 5

MORTGAGES

THOUGH TEXAS dropped its ban on home equity loans in 1997, the law that legalized them is so restrictive that banks hesitate to offer or promote them. Page 8

FINANCIAL INSTITUTIONS should spend more time looking for partners among "infomediaries" -- companies that gather consumer information and find willing buyers for it writes the head of the Tower Group consulting firm. Page 10

SECURITY FIRST Network Bank is extending its offer of a 6%-interest checking account to a service that enables children to make Internet purchases up to limits set by parents. Page 11

MARKETS

ONE OF THE INDUSTRY'S most persistent rumors -- that Chase will buy Merrill Lynch -- is making the rounds again. Page 18

BANK STOCKS tumbled with the rest of the market as gains from Tuesday's rally largely evaporated. A few banks escaped damage, but the slide was widespread. Back page

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